1. News
June 15, 2022

WH Smith reports revenue above 2019 levels during Q3 2022

The company has 125 stores won and yet to open as of 11 June.

British high street retailer WH Smith has reported that its revenue for the third quarter (Q3) of the fiscal year 2022 (FY22) grew by 107% compared with the corresponding period of FY19.

The growth was driven by strong performance in the retailer’s travel business, which rose by 123% compared with Q3 2019.

For the 15 weeks to 11 June, Travel UK’s total revenue was at 104% against 2019, including 114% and 102% growth in air and hospitals respectively, and 87% in rail compared with its FY19 levels.

In a statement, WH Smith said: “Our UK business is performing strongly.

“As passenger numbers recover, we continue to see strong ATV growth and higher penetration driven by our ongoing focus to significantly enhance our ranges and develop our categories, such as health and beauty and technology.”

During the three-month period, WH Smith’s North America travel business revenue grew by 111% against Q3 2019.

The company also won a contract to build more stores in the region, including four shops at Chicago O’Hare airport.

WH Smith’s revenue for the rest of the world was at 88% of its 2019 revenue, but recovery was seen across all its markets, including Asia and Australia, with the strongest recovery in Europe.

The company added: “We anticipate opening a further 20 of the 31 new stores won in Spain in time for our peak summer trading period this year.

“We are in a strong position to capitalise on new space opportunities. We have a strong tender pipeline and are in active discussions regarding a number of tenders.”

WH Smith’s High Street business revenue was at 79% of its FY19 levels. This includes the impact of a cyberattack on its greeting card unit, Funky Pigeon.

In March this year, WH Smith partnered with online food delivery platform Deliveroo to pilot rapid deliveries in the UK.